Wolfspeed Sees Unusually Large Options Volume (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of unusually large options trading activity on Tuesday. Traders acquired 187,154 put options on the stock. This is an increase of 709% compared to the average volume of 23,122 put options.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WOLF. Summit Securities Group LLC raised its position in Wolfspeed by 71.0% in the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after purchasing an additional 915 shares during the period. Capital Investment Advisory Services LLC increased its position in shares of Wolfspeed by 13.3% during the 4th quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock worth $264,000 after purchasing an additional 1,783 shares during the last quarter. Eastern Bank acquired a new stake in shares of Wolfspeed during the 4th quarter worth about $46,000. FNY Investment Advisers LLC acquired a new stake in shares of Wolfspeed during the 2nd quarter worth about $204,000. Finally, Royal Bank of Canada purchased a new stake in Wolfspeed in the 1st quarter valued at about $89,000.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Susquehanna dropped their price objective on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a research note on Tuesday, July 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. Finally, Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, July 18th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $25.00.

Wolfspeed Trading Down 8.4%

Shares of WOLF stock opened at $21.80 on Wednesday. Wolfspeed has a twelve month low of $8.05 and a twelve month high of $80.82. The company’s 50-day moving average price is $46.24 and its 200-day moving average price is $31.63. The stock has a market cap of $1.13 billion and a price-to-earnings ratio of -2.06.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.78) by $0.52. The firm had revenue of $150.20 million for the quarter, compared to analyst estimates of $150.00 million. The firm’s quarterly revenue was down 19.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.72) EPS.

About Wolfspeed

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.